The Takeover Panel has given Oberthur Technologies, the French printer stalking De La Rue, until February 7 to launch a formal bid or walk away for six months.

De La Rue, which is advised by NM Rothschild and JPMorgan Cazenove, approached the panel for a put-up-or-shut-up order last week after rebuffing an initial £895 million, 905p-a-share, offer from its privately owned French rival in December.

The British banknote printer’s request followed accusations by Oberthur last week that De La Rue had hidden from shareholders the fact that it had not been considered for a key Indian tender for banknote paper